Washington, D.C. – U.S. Senator Cynthia Lummis (R-WY), Senator Kirsten Gillibrand (D-NY), Representative Lisa McClain (R-MI), and Representative Robert Garcia (D-CA) introduced the Common Cents Act, bipartisan legislation, backed by President Trump, to suspend production of the penny and save American taxpayers money.
“I agree with President Trump that the time has come to fully end production of the penny and save American taxpayers money,” said Lummis. “The fiscal reality is undeniable: the U.S. Mint spends three cents to produce each one-cent coin. With a $36 trillion national debt, we have to implement meaningful opportunities to reduce costs, update our currency system, and codify the elimination of government inefficiencies. It just makes cents!”
“The penny is outdated and inefficient and no longer serves the needs of our economy,” said Gillibrand. “By suspending its production, we can reduce government spending, streamline transactions, and move toward a more practical financial system. It’s time to invest in a future that works for the 21st century economy, and that starts with suspending production of the penny.”
Background:
- On February 9, 2025, President Trump stated on TRUTH Social that he wants to stop minting the penny.
- On February 18, 2025 Treasury Secretary Scott Bessent confirmed that the U.S. Mint will stop production of the penny soon.
- The late Wyoming Senator Mike Enzi in 2017 introduced the COINS Act, which would have suspended minting of the penny.